Daily Archives: March 29, 2017

Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions

By | March 29, 2017

Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions RBI/2016-17/259 DBR.No.Leg.BC.56/09.07.005/2016-17 March 29, 2017 All Agency Banks Dear Sir/ Madam, Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions We had vide our circular DBR.No.Leg. BC.55/09.07.005/2016-17 dated March 24, 2017 advised all Agency… Read More »

Category: RBI

All payment systems to remain closed on April 1, 2017

By | March 29, 2017

All payment systems to remain closed on April 1, 2017 RBI/2016-17/260 DPSS.CO.CHD.No./2720/03.01.03/2016-17 March 29, 2017 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Dear Sir/ Madam, All payment systems to remain closed… Read More »

Category: RBI

Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle

By | March 29, 2017

Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle Following is the Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most… Read More »

Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration

By | March 29, 2017

Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration Following is the Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transaction and Advance Consideration, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any… Read More »

Exposure Draft of Transfers of Investment Property, Amendments to Ind AS 40, Investment Property – (29-03-2017)

By | March 29, 2017

Following is the Exposure Draft of changes proposed in Ind AS 40, Investment Property, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs… Read More »

5 oppn amendments to Finance Bill 2017 adopted in Rajya Sabha

By | March 29, 2017

Govt faces embarrassment in RS; 5 oppn amendments to Finance Bill adopted New Delhi, Mar 29 (PTI) The government today faced a major embarrassment in the Rajya Sabha as five amendments moved by the opposition to the Finance Bill 2017 were adopted before the House approved the measure. Of the five opposition amendments, three were… Read More »

Maternity Benefit (Amendment) Act 2017 – Notified 27.03.2017

By | March 29, 2017

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th March, 2017/Chaitra 7, 1939 (Saka) The following Act of Parliament received the assent of the President on the 27th March, 2017, and is hereby published for general information:— THE MATERNITY BENEFIT (AMENDMENT) ACT, 2017 NO. 6 OF 2017 [27th March, 2017.] A n Act… Read More »

No TDS liability u/s 194A if application pending for registration of trust

By | March 29, 2017

Held The Learned Assessing Officer is to await the decision of the CBDT in respect of the petition filed by the VTU in respect of the retrospection grant of registration under Section 12AA of the Act. In the event the application filed by the VTU is not considered favourably by the CBDT then in respect… Read More »

USA-Request for comment regarding change of accounting

By | March 29, 2017

Notice 2017-17 requests comments on a proposed revenue procedure that, if finalized, will provide procedures on how a taxpayer may request automatic consent to change a method of accounting for recognizing income when the change is made for the same taxable year as the taxpayer adopts the new financial accounting revenue recognition standards.  These standards… Read More »

Category: USA

USA -Important Information on W-2/SSN Data Theft Scam

By | March 29, 2017

A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in… Read More »

USA -IRS Free File Tax Software

By | March 29, 2017

Free File Tops 50 Million Users; Saves Taxpayers $1.5 Billion Since Inception WASHINGTON – The Internal Revenue Service announced today that Free File – the pioneering public-private partnership that makes free tax software available to 70 percent of taxpayers – recently surpassed 50 million users since the program started. Since 2003, the 50 million taxpayers… Read More »

USA -Common Errors on Form 1042-S; Responsibilities of Tribal casinos

By | March 29, 2017

Common errors on Form 1042-S; IRS webcasts on the responsibilities of Tribal casinos IRS Clarifies Form 1042-S Requirements and Outlines Common Errors Changes made to the Form 1042-S and its instructions may help withholding agents more accurately report income and withholding information on payments made to non-resident aliens. This article also includes common errors made… Read More »

GST Bills 2017- Analysis -Clause by Clause

By | March 29, 2017

GST Bills 2017- Analysis Govt of India has introduced following Bills in Lok Sabha on 27.03.2017 . Read Detailed Analysis of this GST Bills 2017 CGST Bill 2017 Introduced in Lok Sabha  UTGST Bill 2017 Introduced in Lok Sabha IGST Bill 2017 Introduced in Lok Sabha  GST Compensation Bill 2017 Introduced in Lok Sabha  GST… Read More »